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Decision taken for LNG terminal

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Decision taken for LNG terminal

Decision taken for LNG terminal

In a statement ending months of speculation on Cyprus' gas plans, Commerce Minister Neoclis Sylikiotis announced on the 7th June that a decision has been taken to build a liquefaction plant for natural gas on the island. Sylikiotis commented that there is a lot of interest from overseas companies in the LNG project including some financial institutions, adding that Deutsche Bank and Credit Agricole have expressed 'a preliminary interest' in investing in a liquefaction terminal. He went on to say that the government will shortly appoint a team that will enter into negotiations with Noble Energy, which has a gas concession in Cyprus' Block 12. Sylikiotis, also commented that the establishment of a state hydrocarbons corporation is just a matter of weeks away. Meanwhile the government has commissioned the Massachusetts Institute of Technology (MIT) to carry out a study on financial prospects from gas exploitation. Cyprus and Israel are currently engaged in negotiations for a unitization agreement regarding the gas-sharing and exploitation of reserves that fall on the maritime boundary between the two nations. Noble has said it plans to carry out follow-up appraisal drilling in the Cypriot field in Q4 or early next year.
Decision taken for LNG terminal

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